Question

in what time will rupee 2,00,000 amount to rupee 2,31,525 at rate of 5 percent per annum ,interest being compounded annually.​

Answer 1

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ANSWER

P=Rs.2,00,000

Number of conversion period (n)=1

1 ×2=3

Amount(A)

=Rs.2,31,525

We know that A 3

=P(1+i) 3

2,31,525=2,00,000(1+i)

3

2,31,525/2,00,000=(1+i)

3

1.157625=(1+i)

3

(1.05) 3

=(1+i) 3

i=0.05

i is the Interest rate per conversion period (six months) =0.05=5% and Interest rate per annum =5% ×2=10%.

Hope it helps..

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